Henley-on-Thames, 14 May, 2008 - Portrait Software, a leader in Customer Interaction Optimisation, has announced Portrait New Business, a solution that incorporates an end-to-end process to dramatically speed up policy issue and reduce risk exposure.
As competition increases, insurance companies are experiencing a multitude of issues: manual and fragmented processes, the need for more accurate data and consumers demanding high service levels across multiple channels. In addition there is a requirement for greater analysis of where the business is coming from.
Aimed at Life Insurance providers, Portrait New Business drives best practice processes and automates the new business acquisition process. Rules based sunderwriting, backed up by case and workflow management, enables policies to be issued in hours rather than days or weeks. Consistent, straight-through processing across distributors enables automatic take on and powerful, real time analytics reduces the operational risk and monitors business performance.
Portrait New Business uses real time underwriting decisioning, multi-channel customer interaction management and best-of-breed analytics to deliver a complete solution for new business acquisition. It enables organisations to:
• Get new business on to the books faster
• Improve underwriting accuracy
• Minimise risk exposure
• Drive underwriting best practice to the point of sale, across all channels
• Reduce the cost of new business acquisition
• Improve customer and agent satisfaction
• Respond more quickly to change
• Create auditable workflows to ensure regulatory compliance
Designed to integrate seamlessly with existing systems, Portrait New Business handles the entire new business acquisition process, from the initial contact through to policy issue, based on underwriting best practice. By providing end-to-end process transparency, traceability and reporting it reduces bottlenecks and sales leakage and is both compliant and auditable.
According to Nick Randall, Portrait Software’s CEO, “Improving the customer and IFA experience and increasing completion rates depend on what organisations do about automating the new business acquisition process. Taking advantage of new technologies and processes to facilitate customer management, customer insight and channel management will be a critical succes factor for insurance companies.”
“With increasing pressure on financial institutions to apply ‘Treat Customers Fairly’ principles, being able to enforce and audit guidelines, policies and compliance is a huge benefit.” he added.
About Portrait New Business:
Key product capability includes:
• A Multi-channel Process Engine which provides the ability to prioritise rules, processes, communications and workflow to manage interactions and treatment strategies
• An Underwriting Rules Engine that delivers real time decisions.
• An Underwriting Desktop that gives access to all relevant information and process required for the underwriter
• A Business Engine that lets you continually evaluate the business processes and manage resources
• An Analytics Centre that analyses customer, operational and risk data that generate models to improve sales, service and management reporting
About Portrait Software
Portrait Software provides Customer Interaction Optimization software that helps best-of-breed companies deliver great customer experiences, increase sales, drive down costs and manage risk. We do this by helping organizations with millions of customers do some important things:
• Quickly understand their customers. See who’s profitable, who’s loyal and who’s most likely to buy, defect or default.
• Design intelligent interaction strategies. Know what to sell, when and to whom; know when to talk, when to listen and when to reach out.
• Make every interaction count. Hold intelligent conversations, make relevant suggestions and surprise customers by showing an understanding of their needs.
• Respond to change. Implement new campaigns and customer management strategies and ideas quickly and consistently; respond in minutes to changes in the market, the competition, the product line and the customer.
Our 300 + customers are organizations that lead the world’s most demanding customer-intensive sectors. They include Nationwide Building Society, Bank of Ireland, MAPFRE, Merrill Lynch, Scottish Widows, Fiserv CBS Worldwide, Bank of New Zealand, RAC Western Australia, China Automobile Association, and IAG.
Portrait Software plc +44 (0)1491 416600
Kieran Kilmartin, Product Director
For more information on Portrait Software, please visit: http://www.portraitsoftware.com/newbusiness
This press release was distributed by ResponseSource Press Release Wire on behalf of Portrait Software in the following categories: Business & Finance, Computing & Telecoms, for more information visit https://pressreleasewire.responsesource.com/about.